Market News

Midday cash livestock markets

Direct cash cattle trade activity is relatively quiet.  A few bids have surfaced in Nebraska at $403, but those are being passed.  Current asking prices in Texas are at $258 to $260, but no bids on the table.  The rest of cattle country has been quiet.  Look for significant trade volume to hold out until midweek or later. 

Boxed beef was mixed at midday with light to moderate demand for moderate offerings.  Choice is $.34 lower at $391.86 and Select was $.41 higher at $378.50.  The Choice/Select spread is $13.36. 

At the Oklahoma National Stockyards, feeder steers were steady to $5 higher with spots of $10 higher on heavier weights.  Feeder heifers were $2 to $8 higher. The USDA says demand was moderate to good with a fairly active trade.  Steer calves were $10 to $20 lower and heifer calves were $2 to $8 lower, demand for calves was moderate.  Overall, the quality was average, with several nice loads of feeder cattle offered.  Receipts were down on the week and the year.  Feeder supply included 50 percent steers with 71 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 650 to 680 pounds brought $385 to $410 and feeder steers 752 to 781 pounds brought $365 to $370.  Medium and Large 1 feeder heifers 659 to 696 pounds brought $350 to $386 and feeder heifers 754 to 799 pounds brought $320 to $351.50.

Cash hogs are higher at midday with solid negotiated purchases.  Processors appear to be a little more aggressive in their procurement efforts again today and are bidding up to move needed numbers.  The industry continues to monitor the availability of market-ready hogs and hog weights, which have been running above year-ago levels.   The trade continues to monitor demand.  On the global market, there have been some bright spots as it relates to pork, but there are still lingering long-term concerns about its strength.  Pork remains a competitively priced protein in the retail space, which could help bolster domestic demand.  The USDA’s quarterly Hogs and Pigs report is out later this month. Barrows and gilts at the National Daily Direct are $1.16 higher with a base range of $85 to $98 with a weighted average of $97.17 and the Western Corn Belt is $1.16 higher with a weighted average of $97.17.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sows were steady with moderate demand for light offerings at $47 to $59.  Barrows and gilts were steady with moderate demand for moderate offerings at $49 to $59.  Boars ranged from $25 to $30 and $15 to $30. 

Pork values were lower at midday, down $.67 at $97.79.  Butts and loins were sharply lower.  Bellies were down.  Hams, ribs, and picnics were higher to sharply higher.